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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 203731, member: 29339"] [B][SIZE=5]GBP/USD and GBP/JPY Eye Upside Continuation[/SIZE][/B] [img]https://i.postimg.cc/FsNs3WYw/GBPUSD-British-Pound.jpg[/img] [B][I]GBP/USD started a fresh increase from the 1.3500 zone and climbed above 1.3600. GBP/JPY is also rising, but it is facing resistance near 156.60.[/I] [SIZE=3]Important Takeaways for GBP/USD and GBP/JPY[/SIZE][/B] [LIST] [*] The British Pound started a fresh increase above the 1.3500 and 1.3600 resistance levels against the US Dollar. [*] There is a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD. [*] GBP/JPY also started a steady increase above the 156.00 and 156.20 resistance levels. [*] There is a key bearish trend line forming with resistance near 156.65 on the hourly chart. [/LIST] [B][SIZE=3]GBP/USD Technical Analysis[/SIZE][/B] After a major decline, the British Pound found support near the 1.3500 zone against the US Dollar. The GBP/USD pair started a fresh increase above the 1.3550 and 1.3600 resistance levels to move into a positive zone. There was also a break above the 1.3680 zone and the 50 hourly simple moving average. It traded as high as 1.3748on FXOpen and is currently correcting gains. [B]GBP/USD Hourly Chart[/B] [img]https://i.postimg.cc/QxmNbQ5C/GBPUSD-Chart-2x.jpg[/img] There was a minor decline below the 1.3720 level. The pair traded below the 23.6% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high. On the downside, an immediate support is near the 1.3680 level. There is also a major bullish trend line forming with support near 1.3645 on the hourly chart of GBP/USD. The next major support is near the 1.3620 level. The 50% Fib retracement level of the upward move from the 1.3490 swing low to 1.3748 high is also near the 1.3620 zone. If there is a break below the 1.3620 support, the pair could test the 1.3550 support. If there are additional losses, the pair could decline towards the 1.3500 level. On the upside, the pair is facing resistance near the 1.3720 level. A close above the 1.3720 level could open the doors for more gains. The next major hurdle is near 1.3750, above which the pair could surge towards 1.3850. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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